# Bunzl plc (BNZL.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Defensive / Food & Staples Retailing. Price 2662p, market value 8.5 billionp.

## Valuation
- **P/E (trailing): 17.6×** (5-yr avg 1972.8×, 3-yr avg 1908.8×). Bunzl plc trades at 17.6× trailing earnings, well below its own five-year average of 1972.8×: cheap by its own standards. The Consumer Defensive median in the September 2026 study was 20.1×. Forward P/E is 13.7×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 0.4×**. Each dollar of revenue is priced at 0.4×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 3.0×**. The shares trade at 3.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 4.7×**. Enterprise value is 4.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 17.0%** (5-yr avg 0.1%). Free cash flow equals 17.0% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.7%**. The inverse of the P/E: 5.7% of the price is earned each year.

## Profitability
- **Gross margin: 24.9%**. Bunzl plc keeps 24.9% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 7.5%**. 7.5% of revenue is left after running the business.
- **Net margin: 3.9%**. 3.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 16.5%**. 16.5% on shareholders' equity is solid.
- **Return on invested capital: 22.4%**. Return on all capital, debt included, is 22.4%: comfortably above what that capital costs.
- **Return on assets: 11.2%**. Each dollar of assets produces 11.2% of profit.

## Growth
- **Revenue growth (1 yr): 0.6%** (3-yr -0.5%/yr, 5-yr 3.2%/yr). Revenue grew 0.6% over the last year, against 3.2% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -5.4%** (3-yr 0.0%/yr, 5-yr 2.0%/yr). Earnings per share fell 5.4%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -3.8%/yr**. Free cash flow has compounded at -3.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.04**. Debt is 1.04 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 1.0×**. It would take 1.0 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 4.8×**. Operating profit covers interest 4.8× over, a safe margin.
- **Current ratio: 1.39** (quick 0.80). Current assets cover the next year's liabilities 1.39 times.
- **Altman Z-score: 3.17**. A Z-score of 3.17 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 2.83%** (1p per share, trailing). Bunzl plc yields 2.83%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 53%** (32% of free cash flow). 53% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 19**. 19 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 7.5%/yr** (1-yr 5.4%). The dividend has grown 7.5% a year over five years.
- **Shareholder yield: 9.0%**. Dividends plus net buybacks return 9.0% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (19 analysts). 19 analysts cover Bunzl plc; the consensus is hold, with an average price target of 2723p (+2% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 2.4%** (YTD 27.6%, 3-mo 6.2%). The shares are up 2.4% over twelve months including dividends.
- **From 52-week high: -8.1%** (34.4% above the low). Trading 8% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 31**. An RSI of 31 is neutral.
- **Beta (1 yr): 0.43** (volatility 21%). Beta of 0.43 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BNZL.L · Page: https://foliofundamentals.com/stocks/bnzl.l

Not investment advice.